North America

Secondaries-focused PA Capital joined forces with New York Life’s private equity affiliate GoldPoint Partners and lender Madison Capital Funding, rebranding as Apogem Capital in April.

Some large processes are hitting delays as pricing is shifting in the changing markets, and building large enough syndicates for mega-deals has become challenging.

The departures come soon after the fund finance specialist was acquired by Oaktree and following the close of its debut NAV lending fund on €2.6bn.

The Chicago-based manager will target opportunities where it has an informational advantage that allows it to profit from 'value arbitrage', according to secondaries head Jeff Akers.

The deal is among a handful of GP-led secondaries processes that have moved through the market, which has become more challenging because of pricing uncertainty.

This is the second departure in two months from the secondary advisory team at Kroll, which is considering whether to remain in the market.

The Canadian pension giant has spent two years rebuilding its senior secondaries team with internal promotions and hires from GIC and Partners Group.

Pomona X, which launched in 2020, is around 37% larger than its predecessor and the firm's first multi-billion dollar fund.

The firm is understood to have refined the types of secondaries transactions it will target to those owned by an owner-operator.

Guggenheim has made four hires, including two managing directors, in its rebooted secondary advisory team, Secondaries Investor has learned.